The country’s vegetable oil imports rose for the first time in three months in August on the back of lower inventories and rising festival demand.
Shipments increased by 9.7 per cent to 8.97 lakh tonnes (lt) in November-August from 8.17 lt a year earlier. This is the first increase since May, the Solvent Extractors Association of India said in a press release on Friday.
Imports are up 19 per cent at 81.6 lt between November and August, the Association said.
Higher imports may help trim palm oil inventories in Malaysia, the world’s second-biggest producer, and curb a decline in futures.
Crude palm oil imports climbed 13 per cent to 6.2 lt in August, while refined palm oil purchases declined by 2.7 per cent to 79,486 tonnes, the Association said. Soya oil imports more than doubled to 1,10,758 tonnes (52,265 tonnes) in August, while that of sunflower oil slid 22 per cent to 68,900 tonnes. Stockpiles — including those at ports and in the pipeline — were down 75,000 tonnes to 15 lt as of September 1.
India bought 87 lt of vegetable oils in 2010-11 and imports in 2012-13 may exceed the 95 lt estimated for this year, B.V. Mehta, Executive Director of the Association, said.